Here We Go Again! CTA Requirements Are Back In Effect

On February 18th, the US District Court for the Eastern District of Texas issued a decision in Smith, et al v US Department of the Treasury.  In its’ decision, the Court reinstated the enforceability of the Corporate Transparency Act (CTA).  Following that decision, FinCEN issued a notice that the initial Beneficial Ownership Information Reports (BOI) will once again be required.  An extended deadline of March 21, 2025 has been issued, given the repeated changes.

FinCen will continue to assess options for additional deadline extensions, if necessary, to reduce the burden on “lower risk” entities and businesses, while working to ensure reporting by “high risk” entities. In addition, the pe4nalty for non-compliance was raised to $606 per day.

As always, we will continue to monitor the situation and will keep you posted.